Problem 7 (10 Points) Pink Floyd decides to open a pizza parlor near the local college campus that will operate as a corporation. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the cause of changes in stockholders' equity. Transactions (1) Pink Floyd invests $35,000 cash in exchange for common stock to start a pizza parlor business on June 1. (2) Purchased equipment for $8,000 paying $2,000 in cash and the remainder due in 30 days. (3 Purchased supplies for $1,500 cash. (4) Received a bill from Campus News for $250 for advertising in the campus newspaper. Cash receipts from customers for pizza sales amounted to $1 200